Italian Government Says Energy Import Costs To More Than Double This Year

Italy's energy import costs are expected to more than double this year to €100 billion compared to the country's €43 billion energy import costs last year, Italian Economy Minister Daniele Franco said on September 3, local time. The nearly 60 billion euros more spent on energy imports this year is expected to account for about 3 per cent of Italy's gross domestic product this year, Franco said.

Italy relies on imports for 75% of its energy consumption, making it even more vulnerable to the current energy crisis sweeping across Europe. At the beginning of this year, Italy imported 40% of its gas from Russia. However, in July this year, Italy's gas imports from Russia fell to 25% of its consumption.